Finally, Strides appears to have made a link between the POH v. Mylan arbitration and the third party claims made against Strides by Mylan which relate to their 2013 Sales and Purchase Agreement.
In the
notes section of the financial accounts released last month, Strides acknowledges these “pending claims are in arbitration currently”, while in the same sentence referring to “the balance available in the General Claims Escrow account”.
US$100 million remains in a General Claims Escrow account, valid until December 2017, which
Strides has previously identified as being available for any third party claims.
The note in the accounts also refers to the corporate guarantee which Strides provided to Mylan for US$ 200 million (valid up to December 4, 2020) on behalf of its Singapore Subsidiary. This guarantee is said to be available for discharging financial obligations, if any, of the Singapore Subsidiary to Mylan.
The sale of Agila to Mylan was completed by Strides together with its Singapore Subsidiary.
(20min delay)